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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM 10-Q
__________________________________________
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2026
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________  to ____________

Commission file number 001-41591

SKYWARD SPECIALTY INSURANCE GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
14-1957288
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer
Identification No.)
800 Gessner Road, Suite 600
Houston, Texas
77024-4284
(Address of Principal Executive Offices)(Zip Code)
(713) 935-4800
Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01SKWDThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  ☒   No  ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer  
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes ☐   No  ☒

As of October 30, 2026, the registrant had 44,413,449 shares of common stock outstanding.


TABLE OF CONTENTS
Form 10-QItem and DescriptionPage
2
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, 2026December 31, 2025
($ in thousands, except share and per share amounts) (Unaudited)
Assets
Investments:
Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $5,910 and $7,000, respectively) (amortized cost of $2,265,283 and $1,848,755, respectively)
$2,191,576 $1,856,303 
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $4,228 and $468, respectively)
26,446 32,822 
Equity securities, at fair value1,088 1,174 
Mortgage loans, at fair value6,712 9,902 
Equity method investments62,686 77,365 
Other long-term investments66,847 58,650 
Short-term investments, at fair value531,449 264,299 
Total investments2,886,804 2,300,515 
Cash and cash equivalents187,615 168,544 
Restricted cash96,675 30,570 
Funds at Lloyd’s121,630 2,509 
Options, at fair value31,846 34,857 
Premiums and commissions receivable, net1,091,077 544,217 
Reinsurance recoverables, net1,460,189 1,119,880 
Ceded unearned premium389,749 238,948 
Deferred policy acquisition costs and VOBA190,373 136,100 
Deferred tax assets65,773 27,865 
Goodwill and intangible assets, net469,054 88,040 
Other assets155,661 99,807 
Total assets$7,146,446 $4,791,852 
Liabilities and stockholders’ equity
Liabilities:
Reserves for losses and loss adjustment expenses$3,208,137 $2,318,894 
Unearned premiums1,225,726 774,035 
Deferred ceding commission62,708 46,453 
Reinsurance and premium payables565,980 279,888 
Funds held for others151,163 128,003 
Deferred tax liabilities66,924 — 
Accounts payable and accrued liabilities152,910 115,034 
Notes payable417,037 100,411 
Subordinated debt, net of debt issuance costs19,593 19,569 
Total liabilities5,870,178 3,782,287 
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 44,846,532 shares issued and 44,413,449 shares outstanding at September 30, 2026; 40,511,222 shares issued and outstanding at December 31, 2025
448 405 
Treasury stock, at cost, 433,083 and 0 shares, respectively
(19,552)— 
Additional paid-in capital933,877 730,555 
Accumulated other comprehensive (loss) income(54,218)11,457 
Retained earnings415,713 267,148 
Total stockholders’ equity1,276,268 1,009,565 
Total liabilities and stockholders’ equity$7,146,446 $4,791,852 
The accompanying notes are an integral part of the consolidated financial statements.
3
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (UNAUDITED)
Three months ended September 30,Nine months ended September 30,
($ in thousands, except share and per share amounts)2026202520262025
Revenues:
Net earned premiums$406,864 $351,797 $1,285,343 $947,705 
Underwriting fee income11,000 — 33,666 — 
Commission and fee income3,118 1,904 6,979 6,440 
Net investment income33,879 22,014 91,661 60,140 
Net investment gains466 7,047 3,050 16,887 
Other income (loss)14 (236)42 (216)
Total revenues455,341 382,526 1,420,741 1,030,956 
Expenses:
Losses and loss adjustment expenses251,036 213,780 793,000 582,351 
Underwriting, acquisition and insurance expenses118,002 101,676 365,897 273,823 
Fee‑based service expenses4,075 — 12,807 — 
Interest expense6,997 1,919 23,528 5,629 
Amortization expense8,843 455 26,529 1,164 
Other expenses2,744 4,149 9,703 6,212 
Total expenses391,697 321,979 1,231,464 869,179 
Income before income taxes63,644 60,547 189,277 161,777 
Income tax expense13,848 14,646 40,712 34,979 
Net income$49,796 $45,901 $148,565 $126,798 
Comprehensive income
Net income$49,796 $45,901 $148,565 $126,798 
Other comprehensive (loss) income:
Unrealized gains and losses on investments:
Net change in unrealized (losses) gains on investments, net of tax(47,742)6,740 (65,584)30,000 
Reclassification adjustment for gains on securities no longer held, net of tax849 5,465 861 1,659 
Foreign currency translation adjustment(234)— (952)— 
Total other comprehensive (loss) income(47,127)12,205 (65,675)31,659 
Comprehensive income$2,669 $58,106 $82,890 $158,457 
Per share data:
Basic earnings per share$1.12 $1.13 $3.34 $3.14 
Diluted earnings per share$1.09 $1.10 $3.26 $3.03 
Weighted-average common shares outstanding
Basic44,405,132 40,487,069 44,462,989 40,377,864 
Diluted45,799,617 41,868,449 45,618,514 41,784,976 
The accompanying notes are an integral part of the consolidated financial statements.
4
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
Three months ended September 30,
($ in thousands, except share amounts)20262025
Common shares:
Balance at beginning of period44,396,493 40,486,656 
Issuance of shares16,956 709 
Balance at September 30,44,413,449 40,487,365 
Treasury shares:
Balance at beginning of period(431,006)— 
Shares acquired(2,077)— 
Balance at September 30,(433,083)— 
Common stock:
Balance at beginning of period$448 $405 
Balance at September 30,$448 $405 
Treasury stock:
Balance at beginning of period$(19,427)$— 
Treasury stock acquired(125)— 
Balance at September 30,$(19,552)$— 
Additional paid-in capital:
Balance at beginning of period$927,690 $724,159 
Share-based compensation6,187 3,402 
Balance at September 30,$933,877 $727,561 
Accumulated other comprehensive loss:
Balance at beginning of period$(7,091)$(2,666)
Other comprehensive (loss) income, net of tax(47,127)12,205 
Balance at September 30,$(54,218)$9,539 
Retained earnings:
Balance at beginning of period$365,917 $178,017 
Net income49,796 45,901 
Balance at September 30,$415,713 $223,918 
Total stockholders’ equity$1,276,268 $961,423 
The accompanying notes are an integral part of the consolidated financial statements.
5
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
Nine months ended September 30,
($ in thousands, except share amounts)20262025
Common shares:
Balance at beginning of year40,511,222 40,127,908 
Issuance of shares3,902,227 359,457 
Balance at September 30,44,413,449 40,487,365 
Treasury shares:
Balance at beginning of year— — 
Shares acquired(433,083)— 
Balance at September 30,(433,083)— 
Common stock:
Balance at beginning of year$405 $401 
Issuance of common stock43 4 
Balance at September 30,$448 $405 
Treasury stock:
Balance at beginning of year$— $— 
Treasury stock acquired(19,552)— 
Balance at September 30,$(19,552)$— 
Additional paid-in capital:
Balance at beginning of year$730,555 $718,598 
Issuance of common stock203,322 8,963 
Balance at September 30,$933,877 $727,561 
Accumulated other comprehensive loss:
Balance at beginning of year$11,457 $(22,120)
Other comprehensive (loss) income, net of tax(65,675)31,659 
Balance at September 30,$(54,218)$9,539 
Retained earnings:
Balance at beginning of year$267,148 $97,120 
Net income148,565 126,798 
Balance at September 30,$415,713 $223,918 
Total stockholders’ equity$1,276,268 $961,423 
The accompanying notes are an integral part of the consolidated financial statements.
6
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine months ended September 30,
($ in thousands)20262025
Cash flows from operating activities:
Net income$148,565 $126,798 
Adjustments to reconcile net income to net cash provided by operating activities240,738 229,510 
Net cash provided by operating activities389,303 356,308 
Cash flows from investing activities:
Acquisitions, net of cash acquired(196,699)(2,000)
Purchase of fixed maturity securities, available-for-sale(644,190)(664,018)
Purchase of equity securities— (13,213)
Purchase of equity method investments and other long-term investments(8,248)(3,222)
Investment in direct and indirect loans2,882 15,412 
Purchases (sales) of property and equipment1,795 (3,747)
Proceeds from the sales of fixed maturity securities, available-for-sale289,103 61,461 
Maturities, calls, transfers and paydowns of fixed maturity securities, available-for-sale162,314 122,761 
Maturities, calls and paydowns of fixed maturity securities held-to-maturity1,741 3,506 
Proceeds from the sales of equity securities— 126,738 
Sales of and distributions from equity method and other long-term investments11,543 9,274 
Change in short-term investments(80,269)27,562 
Change in receivable/payable for securities466 — 
Cash (used in) provided by deposit accounting(26,381)3,918 
Net cash used in investing activities(485,943)(315,568)
Cash flows from financing activities:
Proceeds from issuance of common stock400 — 
Proceeds from long term borrowings371,089 — 
Payments on long term borrowings(51,000)— 
Treasury stock acquired(19,552)— 
Net cash provided by financing activities300,937 — 
Net increase in cash and cash equivalents, restricted cash and funds at Lloyd's204,297 40,740 
Cash and cash equivalents, restricted cash and funds at Lloyd's at beginning of period(1)
201,623 157,525 
Cash and cash equivalents, restricted cash and funds at Lloyd's at end of period(1)
$405,920 $198,265 
Supplemental disclosure of cash flow information:
Cash paid for interest$20,343 $4,671 
(1) The sum of cash and cash equivalents, restricted cash and funds at Lloyd’s from the consolidated balance sheets
The accompanying notes are an integral part of the consolidated financial statements.
7
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.    Summary of Significant Accounting Policies
Basis of Presentation
The unaudited condensed consolidated financial statements of Skyward Specialty Insurance Group, Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the disclosures required by GAAP for complete consolidated financial statements. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for a more complete description of the Company’s business and accounting policies. In the opinion of management, all adjustments necessary for a fair statement of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2025 was derived from the Company’s audited annual consolidated financial statements.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates.
Updates to Significant Accounting Policies
The following accounting policies have been updated following the Apollo Group Holdings Limited (“Apollo”) acquisition on January 1, 2026.
Description of Business
Skyward Specialty Insurance Group, Inc., an insurance holding company, is a Delaware corporation that was organized in 2006. It is a specialty insurance company operating in two segments delivering commercial property and casualty products insurance coverages.
The Company has four wholly owned insurance company subsidiaries based in the United States:
•Great Midwest Insurance Company (“GMIC”) underwrites insurance on an admitted basis and is a certified surety bond company listed with the U.S. Department of the Treasury.
•Houston Specialty Insurance Company (“HSIC”), a subsidiary of GMIC, underwrites insurance on a non-admitted basis.
•Imperium Insurance Company (“IIC”), a subsidiary of HSIC, underwrites insurance on an admitted basis.
•Oklahoma Specialty Insurance Company (“OSIC”), a subsidiary of IIC, underwrites insurance on a non-admitted basis.
The Company has a wholly owned captive reinsurance company subsidiary, Skyward Re, that is domiciled in the Cayman Islands.
The Company has three non-risk bearing wholly owned subsidiaries, (i) Skyward Underwriters Agency, Inc. (“SUA”), a managing general insurance agent and reinsurance broker for property and casualty risks in specialty niche markets, (ii) Skyward Service Company, an entity which provides various administrative services to the Company’s subsidiaries, and (iii) Skyward Specialty No. 1 Limited, a Lloyd’s corporate member authorized to invest in Lloyd’s syndicates.
On January 1, 2026, the Company completed its acquisition of Apollo Group Holdings Limited (“Apollo”), a Lloyd’s of London (“Lloyd’s”) specialist insurance and reinsurance group. Apollo includes a Lloyd’s of London Managing Agency, Apollo Syndicate Management Limited (“ASML”), which provides managing agency services to ten Lloyd’s syndicates.
Apollo participates in its wholly managed syndicates through its corporate member company, Apollo No. 16 Limited (“Apollo No. 16”) which has a quota share agreement in place with Apollo Bermuda Limited. Apollo’s wholly managed
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1.    Summary of Significant Accounting Policies (continued)



syndicates include Syndicate 1969, which underwrites a diversified specialty portfolio; Syndicate 1971, which focuses on digital-economy and technology-enabled risks; and Syndicate 1972, which serves as a quota share reinsurance vehicle for Syndicates 1969 and 1971, assuming a proportional share of their underwriting risks and results.
Commission and Fee Income and Underwriting Fee Income
Managing Agency Fees and Profit Commission
ASML earns a fee for providing managing agency services (such as underwriting oversight, operational administration and regulatory compliance) to the syndicates it manages. These managing agency fees are based on each syndicate’s annual capacity and are recognized over the period of services provided. ASML may also earn profit commission under contractual arrangements with the capital providers to each syndicate. Profit commissions are contingent on syndicate profitability and are accrued in accordance with the contractual terms and the subsequent development of underwriting results at the balance sheet date. Amounts are generally not payable until the underlying underwriting results have substantially matured (typically around 36 months after inception), unless interim profit distributions permit earlier payments on account. Intra‑group managing agency fees and profit commission are eliminated on consolidation.
Other Revenue From Management Services
Apollo also earns other services revenue for other administrative and operational services performed for the syndicates it manages, including those supported primarily by third‑party capital providers. Such revenue is measured at the fair value of consideration received or receivable and includes service fees and consortium income. Consortium income represents fees charged to consortia members for whom ASML acts as consortium leader and is recognized at the point in time premiums are written; amounts related to underwriting services provided over multi‑year periods are deferred accordingly.
Foreign Currency
The Company transacts business in numerous currencies through business units located around the world. The functional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to transactions in currencies other than a business unit’s functional currency for monetary assets and liabilities are remeasured through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale fixed maturities securities, which are excluded from net income (loss) and accumulated in stockholders’ equity, net of deferred taxes.
The business units’ functional currency financial statements are translated to the Company’s reporting currency, U.S. dollars, using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the statements of operations and comprehensive income. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income and accumulated as a separate component of accumulated other comprehensive income in stockholders’ equity.
Reclassifications
During the current period, the Company reclassified amounts previously included in “Other assets” to separate line items on the balance sheet for “Funds at Lloyd’s” and “Options, at fair value” to better reflect the nature of these balances. Prior period amounts have been reclassified to conform to the current presentation.
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
2.    Goodwill and Intangible Assets
The following tables set forth the carrying amount and changes in the balance of goodwill by reporting unit at September 30, 2026 and 2025:
($ in thousands)Accident
and Health		Credit & SuretyEnergy SolutionsApolloOtherTotal
Goodwill
Gross balance at December 31, 2025$91,577 $6,781 $10,204 $— $3,879 $112,441 
Accumulated impairment at December 31, 2025(44,821)— — — (1,886)(46,707)
Additions— — — 125,408 — 125,408 
Net balance at September 30, 2026$46,756 $6,781 $10,204 $125,408 $1,993 $191,142 
($ in thousands)Accident
and Health		Credit & SuretyEnergy SolutionsOtherTotal
Goodwill
Gross balance at December 31, 2024$91,577 $6,781 $10,204 $3,879 $112,441 
Accumulated impairment at December 31, 2024(44,821)— — (1,886)(46,707)
Net balance at September 30, 2025$46,756 $6,781 $10,204 $1,993 $65,734 
The following tables set forth the carrying amount and changes in the balance of other intangible assets at September 30, 2026 and 2025:
($ in thousands)Agent
Relationships		Non-competesTrademarksSyndicate CapacityLicensesTotal
Other Intangible Assets
Gross balance at December 31, 2025$26,491 $1,117 $999 $— $14,019 $42,626 
Accumulated amortization at December 31, 2025(19,203)(1,117)— — — (20,320)
Additions27,000 — 35,000 200,000 — 262,000 
Amortization(3,769)— (2,625)— — (6,394)
Net balance at September 30, 2026$30,519 $— $33,374 $200,000 $14,019 $277,912 
($ in thousands)Agent
Relationships		Non-competesTrademarksLicensesTotal
Other Intangible Assets
Gross balance at December 31, 2024$24,491 $1,117 $999 $14,019 $40,626 
Accumulated amortization at December 31, 2024(17,895)(1,117)— — (19,012)
Additions2,000 — — — 2,000 
Amortization(931)— — — (931)
Net balance at September 30, 2025$7,665 $— $999 $14,019 $22,683 
The Company’s indefinite lived intangible assets relate to insurance licenses, certain trademarks and Lloyd’s syndicates capacity. Its finite lived intangible assets, which relate to policy renewals, agency relationships, certain trademarks acquired in connection with the Apollo acquisition, syndicates capacity relationships and non-compete and exclusivity agreements, have a weighted average useful life of approximately 9 years as of September 30, 2026.
10
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
2.    Goodwill and Intangible Assets (continued)
During the three and nine months ended September 30, 2026, the Company recognized approximately $2.1 million and $6.4 million, respectively, of amortization expense, compared to $0.3 million and $0.9 million, respectively, for the same 2025 periods. The following table sets forth the estimated future net amortization expense of intangible assets:
($ in thousands)

Amount
Remainder of 2026$2,131 
Year Ending December 31, 20278,525 
Year Ending December 31, 20288,525 
Year Ending December 31, 20298,233 
Year Ending December 31, 20308,025 
3.    Investments
The following tables set forth the amortized cost and the fair value by investment category at September 30, 2026 and December 31, 2025:
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair Value
September 30, 2026
Fixed maturity securities, available-for-sale:
U.S. government securities$140,625 $10 $(4,353)$— $136,282 
Non U.S government securities2,696 — (101)— 2,595 
Corporate securities and miscellaneous833,595 2,238 (22,086)(5,910)807,837 
Municipal securities108,460 116 (6,452)— 102,124 
Residential mortgage-backed securities454,211 813 (26,459)— 428,565 
Commercial mortgage-backed securities82,311 181 (1,051)— 81,441 
Other asset-backed securities643,385 999 (11,652)— 632,732 
Total fixed maturity securities, available-for-sale$2,265,283 $4,357 $(72,154)$(5,910)$2,191,576 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities$30,674 $634 $— $(4,228)$27,080 
Total fixed maturity securities, held-to-maturity$30,674 $634 $— $(4,228)$27,080 
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3.     Investments (continued)
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Loss		Allowance for Credit LossesFair Value
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities$44,190 $292 $(14)$— $44,468 
Corporate securities and miscellaneous632,244 14,223 (3,080)(7,000)636,387 
Municipal securities102,691 1,725 (2,300)— 102,116 
Residential mortgage-backed securities487,145 8,928 (9,486)— 486,587 
Commercial mortgage-backed securities72,631 1,016 (597)— 73,050 
Other asset-backed securities509,854 5,194 (1,353)— 513,695 
Total fixed maturity securities, available-for-sale$1,848,755 $31,378 $(16,830)$(7,000)$1,856,303 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities$33,290 $829 $(48)$(468)$33,603 
Total fixed maturity securities, held-to-maturity$33,290 $829 $(48)$(468)$33,603 
The following table sets forth the amortized cost and fair value of available-for-sale fixed maturity securities by contractual maturity at September 30, 2026:
($ in thousands)Amortized
Cost		Fair Value
Due in less than one year$42,683 $42,676 
Due after one year through five years597,748 579,322 
Due after five years through ten years314,097 302,656 
Due after ten years130,848 124,184 
Mortgage-backed securities536,522 510,006 
Other asset-backed securities643,385 632,732 
Total$2,265,283 $2,191,576 
Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Also, changing interest rates, tax considerations or other factors may result in portfolio sales prior to maturity.
The Company’s fixed maturity securities, held-to-maturity, at September 30, 2026 consisted entirely of asset-backed securities that were not due at a single maturity date.
At September 30, 2026, the Company had U.S. government agencies mortgage-backed fixed maturity securities, with a carrying value of approximately $164.0 million pledged as collateral for a loan (the “FHLB Loan”) from the Federal Home Loan Bank of Dallas (“FHLB”) pursuant to an Advances and Security Agreement between the Company and FHLB (the “Advances and Security Agreement”). In accordance with the terms of the FHLB Loan, the Company retains all rights regarding these pledged securities.
At September 30, 2026, the Company had assets with fair values of approximately $91.8 million pledged as collateral for performance obligations under reinsurance agreements. In accordance with the terms of the trust agreements, the Company retains all rights regarding these securities, of which $71.1 million are residential mortgage-backed securities, $18.5 million of cash and cash equivalents and other assets and $2.2 million of short-term investments.
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3.     Investments (continued)
The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of September 30, 2026 and December 31, 2025:
Less than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
September 30, 2026
Fixed maturity securities, available-for-sale:
U.S. government securities$126,545 $(4,353)$— $— $126,545 $(4,353)
Non-U.S. government securities2,595 (101)— — 2,595 (101)
Corporate securities and miscellaneous626,827 (20,057)32,722 (2,029)659,549 (22,086)
Municipal securities68,152 (3,720)18,056 (2,732)86,208 (6,452)
Residential mortgage-backed securities342,259 (14,493)57,156 (11,966)399,415 (26,459)
Commercial mortgage-backed securities39,965 (465)5,036 (586)45,001 (1,051)
Other asset-backed securities419,990 (10,365)7,992 (1,287)427,982 (11,652)
Total fixed maturity securities, available-for-sale1,626,333 (53,554)120,962 (18,600)1,747,295 (72,154)
Fixed maturity securities, held-to-maturity: